The United Bank on Wednesday presented its first complete year financial statements after privatisation with a net profit of Rs 4.5 billion, showing 63 percent growth.
UBL Chairman Shaikh Nahayan Mabarak Al Nahayan while addressing the annual general meeting said, "It gives me great pleasure to present to you the 45th annual report and the financial statements of the United Bank Limited for the year ended December 31, 2003. This was the first complete year of UBL as a private bank," he said.
In 2003, the bank generated a net profit before tax of Rs 4.5 billion, which represents a 63 percent growth as compared to the previous year. The field staff of the UBL was instrumental in achieving this growth as they met their targets successfully.
While these results take into account tough economic conditions and reducing interest rate spread, we are highly focussed on increasing revenue in 2004 in pursuing our long-term goals of a steady annual growth.
In 2003, the bank achieved major successes in having concluded most of the corporate financial transactions, adding several high quality corporate customers and building a stable low-cost deposit base.
The corporate bank continued to be a key business area for the franchise, providing multi-pronged services to both corporate and financial institution customers.
UBL is able to compete effectively with local and international banks, in areas as diverse as fixed income sales and trading, derivatives and structured products, FX sales and trading and many other areas.
In 2003, the commercial banking was able to combat shrinking spreads and stiffer competition and delivered an increase in total deposits and doubled the commercial lending portfolio.
The overseas operations continued to build on the core Gulf business of trade financing, middle-tier lending and profitable personal loans segments in the UAE, Bahrain and Qatar.
In August 2003, UBL launched its new corporate identity, signifying its new vision with its revamped strategy.
A 24 x 7 Call Centre has been launched to improve the quality of services to the customers.
Since the start of this year, the UBL has launched branded current account called "Business Partner Account", and online remittance service called "Click 'N Remit" for Pakistanis living in the US.
UBL has just launched ATM I debit card called "UBL Wallet" which offers the customers flexibility and convenience they never experienced before.
UBL plans to launch a full suite of consumer finance products in 2004, on the back of state-of-the-art systems, high calibre manpower resources and aggressive branding and marketing strategies backed up by best-in-class credit management, service centre and debt collection capability.
Some of the products planned for launch in the first year include a credit card and a number of consumer loans, including auto loans and leasing, housing financing, personal loans, mortgages and running finance.
In the year ahead, our investment in human resource and technology will keep us at the forefront, delivering improved customer service.
The pressure on the margins and tough price competition will make it difficult to repeat the 2003 performance. But we assure all our shareholders, including the government, our customers and our employees that with their faith in the bank and our commitment towards excellence, UBL would become the premier institution in the country.
The bank has set itself a vision to be a world-class bank. This can only be achieved with dedication and a passion to excel in every activity.
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